Case Study – Refinancing

Alexin, LLC, headquartered in Bluffton, Indiana, is a leading aluminum extrusion billet manufacturer.  The Company is one of five standalone remelt casthouses currently operating in the United States.  Alexin commenced operations in 2008 as a startup company and was initially funded by a group of strategic and institutional investors, including Envest Ventures, Hollingsworth Capital, Archbrook Capital and management.

Situation:

  • Alexin grew significantly in its first few years of existence, and while the Company maintained a good relationship with its existing bank group, its current credit facility was no longer adequate to support the Company’s needs

Challenges:

  • Alexin was facing a significant principal payment, plus the maturity of its credit facility in the near-term, and needed to arrange a new credit facility within 90 days
  • Alexin only had one year of historical cash flow coverage to adequately service the principal and interest payments on its new revolving credit facility and term loan request

Successful Solution:

  • Anderson LeNeave contacted numerous financial institutions and received 10 proposals
  • Anderson LeNeave originated and structured a $33.5 million senior secured credit facility with Bank of America Merrill Lynch in less than 90 days